Fixed Assets

Fixed Assets

The purpose of the Fixed Asset extension package is to provide a register of Fixed Assets. Information about the Asset includes details on the asset type/class, location and associated transactions of fixed assets. The Fixed Asset register provides detailed information about the number and value of Assets compared to a few generic entries in a General Ledger asset account.

A Fixed Asset, also known as property, plant and equipment, is a term used in accounting for assets which cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, which are described as liquid assets. In most cases, only tangible assets are referred to as fixed.

The Fixed Asset extension package adds the following capabilities to xTuple:

Define differing types/classes of Fixed Assets

G/L account determination for assets linked to each Asset Type

Define the Depreciation methodology for assets linked to each type - None, Diminishing Value or Straight Line. NOTE: Depreciation functionality is delivered in a forthcoming depreciation package and not in the basic Fixed Asset package.

A detailed definition of a Fixed Asset including the description, brand, serial #, barcode, location, purchase place and purchase date.

Define the warranty period and warranty expiry date for each asset.

Define the asset cost and residual value.

Define the Installation Date of the asset.

Define the Retirement date and Disposition at which point the asset is sold or written off.

Define the Asset Life.

Please note the Fixed Asset package requires xTuple version 3.6.

The Fixed Assets extension package file, called FixedAsset1.2.1.zip, is an xTuple xtension package. Unzip the package first. Then you'll need the the free Updater application to install the file with the .gz extension in your xTuple database. You can read tips for using the Updater on xTuple.org.